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How Does the Labor Shortage Impact Real Estate?

August 16, 2021 by Marcus & Millichap Research Services

Will the labor shortage impact Commercial Real Estate?

Job Openings Overtake People Looking for Work

  • Job openings in June reached record 10M – Previous peak was 7.6M in 2018 under tight labor market
  • Roughly 1.4M more jobs available than people looking for work, despite unemployment rate still at 5.4%

Labor Shortage Drag on Economic & Real Estate Recovery

  • Some tenant types, like Retail, Hotels and Sr. Housing, unable to hire enough staff to operate at full capacity
  • Labor shortages stifle economic growth – Slows demand for Retail, Industrial warehouses, Offices and Apartments
  • Construction worker shortage could limit new supply; would benefit performance of existing real estate

Labor Imbalance Could Present New Headwinds

  • Competition for talent contributing to rising wages; May further fuel inflation
  • Rising inflation could force the Federal Reserve to tighten monetary policy sooner than expected

*Job openings through June; Unemployed through July
Sources: Marcus & Millichap Research Services, BLS

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Filed Under: Research Brief, Employment

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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